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Guide to Essential Money Tools
Investing Tools
Money Tool - UK tax rates and allowances 2007-08
Allowances
Personal £5,225.
Age allowance
Personal (age 65-74) £7,550
Plus for married couples
(age 70-74) £6,285
Personal (age 75 and over) £7,690
Plus for married couples (age 75 and over ) £6,365
Age allowance income limit £20,900 per annum.
Income tax
Basic rate (£2,230 to £34,600): earned 22%, savings rate 20%, dividend rate 10%
Higher rate (over £34,600): earned 40%; savings rate 40%, dividend rate 32.5%.
Capital gains tax
Annual exemptions
Individuals £9,200
Most trusts £4,600.
Inheritance tax
Chargeable transfer
Up to £300,000 nil rate
Over £300,000 40%.
Exemptions
Per donor £3,000 per annum
Small gifts £250 per annum/per donee
Non-domiciled spouse £55,000 (once only)
Stamp duty on property
Up to £125,000 nil
£125,001 to £250,000 1% on whole price
£250,001 to £500,000 3% on whole price
Over £500,000 4% on whole price
VAT
Standard rate 17.5%
Registration threshold for small businesses £64,000 per annum.
State pension
Single person £87.30 per week
Married couple £139.60 per week
National Insurance
Class 2 self-employed rate £2.20 per week
Class 2 small earnings exemption £4,635 per annum
Class 3 voluntary rate £7.80 per week.
Personal Pensions
Annual Allowance £225,000
Lifetime Allowance£1,600,000